Risk and Insurance Planning

Risk and insurance planning is the process of identifying, measuring, and dealing with risks that might affect one’s financial goals. It involves using different methods and products for risk transfer, such as insurance contracts and annuities. Risk and insurance planning can help individuals, businesses, or organizations protect themselves from downside risks and support their growth and change objectives.

Plan For Your Goals Service Areas

  • Analysis of current life insurance policies
  • Curation of insurance professionals
  • Disability insurance analysis
  • High deductible health plan (HDHP) with health savings account (HSA) vs low-deductible health insurance analysis
  • Homeowner’s insurance analysis
  • Life insurance coverage needs assessment
  • Long-term care insurance analysis
  • Medicare analysis
  • Review auto insurance coverage
  • Umbrella insurance analysis
  • Workplace open enrollment period benefits planning

What are Some Benefits of Risk and Insurance Planning?

Some of the benefits of risk and insurance planning are:

  • It can provide financial security for yourself and your family in case of unexpected events, such as death, disability, illness, or injury.
  • It can help you achieve your long-term financial goals by covering the gaps in your investment plan.
  • It can help you reduce your tax liability by taking advantage of tax benefits for certain types of insurance policies.
  • It can help you comply with legal and regulatory requirements for your business or profession.

How Do I Know if I Have Enough Insurance Coverage?

There is no definitive answer to how much insurance coverage you need, as it depends on your personal and financial situation, your goals, and your risk tolerance. However, a general rule of thumb is to have enough insurance to cover your liabilities, your dependents’ needs, and your future expenses.

How Will Plan For Your Goals Help Me With Risk and Insurance Planning?

David can help you with risk and insurance planning by:

  • Assessing your risk exposure and needs: He will help you identify and quantify the potential risks that you face, such as premature death, disability, illness, liability, or property damage. He will also help you determine how much insurance coverage you need to protect yourself and your family from these risks.
  • Evaluating and recommending insurance products: He will help you compare and select the best insurance products for your situation, such as term or permanent life insurance, health insurance, disability insurance, long-term care insurance, homeowners’ or renters’ insurance, auto insurance, and more. He will consider factors such as cost, benefits, exclusions, riders, and ratings of the insurance providers.
  • Integrating insurance into your overall financial plan: He will help you coordinate your insurance planning with your other financial goals, such as saving for retirement, education, or a home. He will also help you optimize your tax benefits and estate planning strategies by using appropriate insurance products.
  • Reviewing and updating your insurance plan: He will help you monitor and adjust your insurance plan as your circumstances, goals, or market conditions change. He will also help you file claims and deal with any issues that may arise with your insurance providers.

What are Some Common Types of Insurance?

Some common types of insurance are:

  • Auto insurance: This type of insurance covers your vehicle and the damages or injuries you may cause to others or their property in an accident. It can also cover your medical expenses and the theft or vandalism of your car. Auto insurance is required by law in most states.
  • Health insurance: This type of insurance covers your medical expenses for various health care services, such as doctor visits, hospital stays, prescriptions, preventive care, and more. Health insurance can help you avoid paying high out-of-pocket costs for unexpected illnesses or injuries. Health insurance is often provided by employers or purchased through the marketplace.
  • Homeowners’ and renters’ insurance: This type of insurance covers your home and personal belongings from damage or loss due to fire, theft, vandalism, natural disasters, and other perils. It can also cover your liability if someone gets injured on your property or if you accidentally damage someone else’s property. Homeowners’ insurance is usually required by mortgage lenders, while renters’ insurance is optional but highly recommended.
  • Life insurance: This type of insurance pays a lump sum to your beneficiaries if you die during the term of the policy. It can help your loved ones cover funeral costs, debts, living expenses, education, and other financial needs. Life insurance can be term or permanent, depending on the duration and features of the policy.

There are many other types of insurance that may suit your specific needs, such as disability insurance, long-term care insurance, liability insurance, travel insurance, and more. It is generally advised to compare different insurance plans from various providers to find the best value and coverage for your situation.

Simple Path to Improve Your Financial Condition

Man checking financial status on his mobile

Step 1:

Select a Consultation Service

My services are designed to be flexible and meet your needs. Whether you're looking for a basic evaluation, help with a key area of your finances, or comprehensive financial planning, you'll find it here.

Man checking financial status on his mobile

Step 2:

Understand Your Real Financial Condition

Working together we will determine your financial needs. We’ll assess what is effective or problematic, and what is hindering your progress. With a clear understanding of your financial condition, you can make smarter choices.

Man checking financial status on his mobile

Step 3:

Plan a Better Future

Getting the knowledge and guidance you need from a financial professional is an investment in your security and hope for the future. And it’s not just for you, but for the people who depend on you.

David Roberts - Financial Planner and Advisor of Plan For Your Goals

David Roberts, Owner: Plan For Your Goals

You Deserve a Better Future

Affordable financial advice with flexible options that fit into your tight schedule can be difficult to find. That's why so many people struggle to make smart money decisions. At Plan For Your Goals my clients get the financial planning, coaching, and resources they need to make better decisions and plan a better future.